Submitting Financial Statements in CyprusUpdated on Tuesday 23rd August 2016
Rate this article
based on 0 reviews
based on 0 reviews
Companies registered in Cyprus are required to submit their financial statements following specific regulations. The procedure can differ in accordance with the legal entity of the company, the period since the company has been incorporated or its yearly profits. Investors carrying operations on the Cypriot market are advised to study the requirements imposed in this sense and to receive legal advice from our team of Cypriot lawyers, who can provide an in-depth presentation on the legal matters referring to this issue.
Deadline to submit financial papers in Cyprus
All companies carrying commercial activities in Cyprus are required to submit their financial statements and tax returns no later than 31st December. However, if the management of the company decides to submit the financial documents on an electronically basis, the provisions of the Cyprus Company Law specify an extended period of 3 months from the above mentioned date. As such, the financial statements can be submitted by 31st of March; our team of Cypriot attorneys can offer more details on this matter.
How to submit financial statements in Cyprus
The Cypriot legislation stipulates that a company must submit its financial statements at the Registrar of Companies, by filing the documents together with the Annual Return. When submitting the documents, the investors will have to provide a certificate which will certify that the statements represent true copies of the ones presented during the Annual General Meeting (AGM).
It is important to know that the financial statements of a Cypriot company will become available to the general public and they can only be submitted if such documents were approved by the following:
• the Board of Directors;
• the company’s secretary;
• the AGM.
In several cases, such documents will also have to be audited by an external auditor. However, small and medium sized companies are not required to audit the financial statements, as prescribed in the Company Law.
An important aspect is that newly formed companies do not have to submit any financial documents for the first year of activity, but the documents should be registered at the Registrar of Companies within 18 months since the incorporation.
Businessmen interested in receiving further details referring to the financial statements and the procedure to submit them at the local authorities can address to our Cypriot law firm.